Oklahoma 529 College Savings Plan (OCSP)

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Oklahoma 529 College Savings Plan offers bonus contribution for new accounts

Treasurer encourages families to use National 529 Day to plan for the future
May 24, 2018

OKLAHOMA CITY —For four days beginning on National 529 Day, May 29, officials with the Oklahoma 529 College Savings Plan are offering new account holders extra seed money to encourage Oklahoma families to save for college.

Accounts opened online between May 29 to June 1, using the ok4saving.org/529day web page, with automatic contributions for six consecutive months, will receive a $50 bonus contribution from the Oklahoma 529 College Savings Plan (OCSP).

“National 529 Day highlights the need for families to develop a plan to pay for college, and the occasion helps the public learn about how 529 plans like the Oklahoma College Savings Plan can be a part of that strategy,” said State Treasurer Ken Miller, board chair of the OCSP. “Even investing as little as $25 each month can make a big difference over time, and the more time you give those savings to grow, the better.”

Treasurer Miller also noted that the average student loan debt for the Oklahoma class of 2016 was $25,856 (The Institute for College Access & Success).

“That’s a lot of debt to start your adult life with, but making a plan and investing regularly could reduce that debt significantly,” he said.

Those interested in opening an account and receiving the bonus contribution can visit www.ok4saving.org/529day for complete terms and conditions and to open an account. For more facts and figure about how Oklahomans are saving for college, please review this infographic:

infographic

(A PDF version of the infographic is available here.)

For more information about the Oklahoma 529 College Savings Plan visit www.ok4saving.org or call (877) 654-7284. Funding for OCSP prizes comes from the marketing budget of the Oklahoma 529 College Savings Plan; no state funds are used.

About the OCSP

Introduced in April 2000, the Oklahoma 529 College Saving Plan (OCSP) is Oklahoma’s direct-sold 529 college savings plan. It is designed for families who want to direct their own 529 college savings accounts. The plan is managed by TIAA-CREF Tuition Financing, Inc. Introduced in March 2009, the OklahomaDream 529 Plan is offered through financial advisors and is managed by Allianz Global Investors.  As of April 30, 2018, combined assets in both plans exceed $1 billion.

Oklahoma taxpayers may deduct, from their Oklahoma adjusted gross income, up to $10,000 in contributions to the Oklahoma 529 College Savings Plan for individual taxpayers and up to $20,000 for taxpayers filing a joint return with a five-year carryforward. Read the Disclosure Booklet carefully. 

Consider the investment objectives, risks, charges and expenses before investing in the Oklahoma College Savings Plan. Please visit www.ok4saving.org or call toll-free 1-877-654-7284 for a Plan Disclosure Booklet containing this and more information. Read it carefully.

Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarships and protection from creditors for investing in its own 529 plan. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss.

Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor. If the funds aren't used for qualified higher education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply. 

Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss.

TIAA-CREF Tuition Financing, Inc., Program Manager. TIAA-CREF Individual & Institutional Services, LLC, member FINRA and SIPC, distributor and underwriter for the Oklahoma College Savings Plan.

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